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Friday, November 16, 2012

Austerity Bomb? Don't Panic. Keep Your Eyes on Real Fiscal Reform

Austerity bomb” is the metaphor of the day. First introduced by Brian Beutler, it has now been endorsed
by Paul Krugman as a replacement for “fiscal cliff.” Both are bad
metaphors. They invite us to think that the most important thing on the
national agenda is to avoid the cliff or defuse the bomb before disaster
strikes. Instead, we need to stay calm keep our eyes on the prize, that
is, on real reform of our muddled fiscal policy. Unless we are willing
to look beyond what happens at the end of the year, we risk being
panicked into a deal that will leave us in an even worse fiscal mess
than we are in now. Here are the three long-term considerations that
should be at the center of budget negotiations: >>>Read More

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